The primary purpose of this scholarly book is to provide an objective look into the dynamic world of equity markets, valuation, and analysis. The coverage extends from discussing basic concepts and their application to increasingly intricate and real-world situations. This volume spans the gamut from theoretical to practical while attempting to offer a useful balance of detailed and user-friendly coverage. Discussion of relevant research permeates the books. Readers can gain an in-depth understanding about this subject from experts in the field, both practitioners and academics. Readers interested in a broad survey will benefit as will those looking for more in-depth presentations of specific areas within this field of study. In summary, this book provides a fresh look at this intriguing and dynamic but often complex subject.
Several features distinguish Equity Markets, Valuation, and Analysis:
* The book provides an introduction to this broad, complex, and competitive field. It skillfully blends the contributions of a global array of scholars and practitioners into a single review of some of the most important topics in this area. The varied backgrounds of the contributors assure different perspectives and a rich interplay of ideas. The book also reflects the latest trends and research in a global context and discusses controversial issues as well the future outlook for this field.
* While retaining the content and perspectives of the many contributors, the book follows an internally consistent approach in format and style. Similar to a choir that contains many voices, this book has many contributing authors with their separate voices. A goal of both a choir and this book is to have the many voices sing together harmoniously. Accomplishing this task for the book requires skilled editing by the co-editors to assure a seamless flow when moving from chapter to chapter. Hence, the book is collectively much more than a compilation of chapters from an array of different authors.
* The book presents theory without unnecessary abstraction, quantitative techniques using basic mathematics, and conventions at a useful level of detail. It also incorporates how investment professionals analyze and manage equity portfolios.
* The book places a strong emphasis on empirical evidence involving equity markets, valuation, and analysis. When discussing the results of various studies, the objective is to distill them to their essential content and practical implications so they are understandable to a wide array of readers.
* The end of each chapter contains four to six discussion questions that help to reinforce key concepts. The end of the book provides guideline answers to each question. This feature should be especially important to faculty and students using the book in classes.
H. Kent Baker, CFA, CMA is University Professor of Finance at the Kogod School of Business, American University. He is an award-winning author who has written or edited 32 books including several textbooks. Professor Baker has also published 179 peer-reviewed journal articles plus more than 150 other articles, monographs, book chapters, and proceedings as well as 350 book reviews and abstracts. He is the editor/co-editor of the Financial Markets and Investments Series (Oxford University Press) and The Savvy Investors Series (Emerald Publishing).
Greg Filbeck, CFA, FRM, CAIA, CIPM, PRM holds the Samuel P. Black III Professor of Finance and Risk Management at Penn State Behrend and serves as Director of the Black School of Business. Before joining the faculty at Penn State Erie in 2006, he served as Senior Vice President of Kaplan Schweser from 1999 to 2006 where he was in charge of all content and curriculum. He also held academic appointments at Miami University (Ohio) and the University of Toledo, where he also served as the Associate Director of the Center for Family Business. He is the co-editor of the Financial Markets and Investments Series (Oxford University Press). Professor Filbeck has authored or edited 10 books and published more than 95 refereed academic journal articles appearing in the Financial Analysts Journal, Financial Review, and Journal of Business, Finance, and Accounting among others.
Halil Kiymaz, CFA is Bank of America Professor of Finance at the Crummer Graduate School of Business at Rollins College. Professor Kiymaz maintains an extensive research agenda focusing on international mergers and acquisitions, emerging capital markets, linkages among capital markets of developing economies, IPOs, and financial management of multinationals. Professor Kiymaz has authored or edited five books and has published more than 80 articles in scholarly and practitioner journals. His research has appeared in such outlets as the Journal of Banking and Finance, Financial Review, Global Finance Journal, Journal of Applied Finance, Journal of Economics and Finance, Review of Financial Economics, and Quarterly Journal of Business and Economics.
Acknowledgments
About the Editors
About the Chapter Authors
1 Equity Markets, Valuation, and Analysis: An Overview
H. Kent Baker, Greg Filbeck, and Halil Kiymaz
PART ONE: BACKGROUND
2 Ownership Structure and Stock Classes
Christopher J. Barnes, Ehsan Nikbakht, and Andrew C. Spieler
3 Equity Markets and Performance
Jay T. Brandi and Xudong Fu
4 Securities Regulation
Douglas Cumming and Sofia Johan
5 Investor Psychology and Equity Market Anomalies
Hunter M. Holzhauer
PART TWO: VALUATION AND ANALYSIS
6 Financial Statement Analysis and Forecasting
Somnath Das and Shail Pandit
7 Fundamentals of Equity Valuation
Emmanuel Boutron, Alain Coën, and Didier Folus
8 Company Analysis
David C. Nichols
9 Technical Analysis
David Lundgren
10 Discounted Dividend Valuation
Elif Akben Selcuk
11 Free Cash Flow Valuation
Tom Barkley
12 Market-based Valuation
Sang Hoon Lee
13 Residual Income Valuation
Shail Pandit and Somnath Das
14 Private Company Valuation
Onur Bayar and Yini Liu
PART THREE: EQUITY INVESTMENT MODELS AND STRATEGIES
15 Equity Investing Strategies
Nicholas Biasi, Andrew C. Spieler, and Raisa Varejao
16 Factor Investing
Aaron Filbeck
17 Smart Beta Strategies vs. Alpha Strategies
Timothy A. Krause
18 Activist and Impact Investing
Michael Sinodinos, Andrew Siwo, and Andrew C. Spieler
19 Socially Responsible Investing
Randolph D. Nordby
20 Pooled Investment Vehicles
Joseph McBride, Michael Pain, and Andrew C. Spieler
PART FOUR: SPECIAL EQUITY TOPICS
21 Investing in Private Equity
Gaurav Gupta, Tiangi Li, and Zhao Wang
22 Investing in Emerging Markets
Xiaohau Diao, Shantanu Dutta, and Peng Cheng Zhu
23 Disclosure Regulations in Emerging Economies and Their Impact on Equity Markets
Xiaohau Diao, Shantanu Dutta, and Peng Cheng Zhu
24 Equity Crowdfunding Investments
Dianna Preece
Answers to End-of-Chapter Discussion Questions
Index
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